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CITY OF LAKE ELMO COUNTY OF WASHINGTON STATE OF MINNESOTA ORDINANCE NO. 2024-05 AN ORDINANCE AMENDING THE LAKE ELMO CITY CODE FOR ZONING AND LAND USE SECTIONS SECTION 1. Title 103 Subdivision Regulations; Chapter 103.00 Subdivision Regulations: Section 160 Required Improvements; Financial Arrangements, is hereby amended by changing the following section (Proposed language is underlined, deleted language is shown with strikethrough): (i) Developers agreement/security. Subsequent to approval by the council of a final plat and before execution by the city of the final plat or other appropriate forms of city approval, the developer shall: (1) Enter into a developer's agreement whereby developer shall undertake performance of the obligations imposed by this title, or by council condition, and containing the other terms and provisions and in the form as shall be acceptable to the city attorney, including, but not limited to, provisions for default; and (2) Submit a letter of credit or cash deposit (security) which guarantees completion of all improvements within the times specified by the city engineer. The amount of the security shall be 125 percent of the estimated construction cost of the improvements. The security shall be in the form and contain the other provisions and terms as may be required by the city engineer and city attorney. The developer's registered engineer shall make, and submit for approval to the city engineer, a written estimate of the costs of the improvements in order for the city to determine the amount of the security required. Reduction of security shall be as outlined per the development agreement. (3) The security shall be returned upon successful completion of the following: a. Compliance with the state building code; b. Compliance with the city code; and c. Compliance with requirements of the development agreement as determined by the city. SECTION 2. The City Council of the City of Lake Elmo hereby amends Title 105 Zoning; Chapter 105.08: Building Regulations, Section 100 Security Escrow for Construction is hereby amended by changing the following section (Proposed language is underlined; deleted language is shown with strikethrough): (a) Security escrow. A security escrow in an amount established by the city's fee schedule or building official shall be paid before a building permit is issued for the construction of all new single and two-family residential structures and site work for other construction related projects that do not require a grading agreement, site improvement agreement, or development agreement as required by Sections 103.00.160 or 105.12.260 of the City Code. structures and other significant construction related projects at the discretion of the city. The security shall be returned to the applicant upon the successful completion of the following: (1) Compliance with the state building code; (2) Compliance with the city Code; and (3) Compliance with specified requirements as determined by the building official. (b) Form. The city will accept a security escrow in the form of cash or a letter of credit in the form approved by the City Attorney. (c) Purpose. The security may be used at any time for the remediation of construction or development site improvement-related damage or debris on and around the site and for other violations of the city Code, including, but not limited to, unpaid fees, unpaid fines, unpaid contracted service fees, erosion control, street maintenance, boulevard repair and restoration, and landscaping. If the security items, landscaping, or building exterior, are not completed within six months of start of construction, excluding the time between November 1 and April 1, or upon the builder filing bankruptcy, or if the job is abandoned for 30 days or more, the city may enter the lot, perform the work, and apply the security toward the cost, plus administrative fees. (d) Action against the financial security. The city shall use the security to finance remedial work undertaken by the city, or a private contractor under contract to the city including a fee to the city for processing equal to ten percent of any contractor's